What is the 13F Pro Quality Score for SPRB?

13F Pro ranks SPRUCE BIOSCIENCES, INC. (SPRB) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View SPRB's current score at https://13fpro.ai/research/SPRB (free sign-up required for the full ranking).

Which hedge funds own the most SPRB stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of SPRB include Ikarian Capital,, MILLENNIUM MANAGEMENT, CITADEL ADVISORS. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/research/SPRB as soon as new 13F filings post.

Where does 13F Pro source SPRB data?

All SPRUCE BIOSCIENCES, INC. fundamentals and ownership data come directly from SEC EDGAR. SPRUCE BIOSCIENCES, INC. files with the SEC under CIK 1683553. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is SPRB in?

SPRUCE BIOSCIENCES, INC. (SPRB) is classified in the Healthcare sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/healthcare.

How often is SPRB research updated on 13F Pro?

SPRB's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

SPRUCE BIOSCIENCES, INC.(SPRB)Stock Analysis

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13F Pro Quality Score

Not in ranked universe

Below size threshold

Quality rankings require at least $50M annual revenue or $250M total assets to filter out micro-caps and shell companies. This company reported $10.1M in revenue.

Financial data, filings, and institutional holdings below are still tracked in full — only the proprietary quality composite is unavailable for this name.

SPRB Stock Analysis & AI Quality Score

AI stock analysis and institutional research for SPRUCE BIOSCIENCES, INC. (SPRB), a Healthcare sector company. SPRB is not currently included in 13F Pro's AI-ranked quality universe — quality rankings require at least $50m annual revenue or $250m total assets to filter out micro-caps and shell companies. this company reported $10.1m in revenue. Based on the latest XBRL financial filings (Q1 2026), SPRUCE BIOSCIENCES, INC. reports net income of $-12.3M, free cash flow of $-8.7M. Top institutional holders of SPRB by reported 13-F value include Ikarian Capital,, MILLENNIUM MANAGEMENT, CITADEL ADVISORS, based on the most recent SEC filings. SPRB trades on the Nasdaq exchange and files with the SEC under CIK 1683553. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate SPRB daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for SPRUCE BIOSCIENCES, INC. directly from SEC EDGAR.

Net Income

Q1 2026

$-12.3M

Free Cash Flow

Q1 2026

$-8.7M

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

-100.0% YoY

$0.00FY 2025

FY21 —FY22 $0.00FY23 $10.1MFY25 $0.00

Net Income

+18.7% YoY

$-39.0MFY 2025

FY21 $-42.3MFY22 $-46.2MFY23 $-47.9MFY25 $-39.0M

Operating Income

+29.8% YoY

$-36.5MFY 2025

FY21 $-42.1MFY22 $-47.3MFY23 $-52.0MFY25 $-36.5M

EPS (Diluted)

-3999.2% YoY

$-50.83FY 2025

FY21 $-1.81FY22 $-1.96FY23 $-1.24FY25 $-50.83

Total Assets

-49.0% YoY

$53.0MFY 2025

FY21 $126.5MFY22 $85.6MFY23 $103.9MFY25 $53.0M

Total Debt

-100.0% YoY

$0.00FY 2025

FY21 $4.9MFY22 $7.3MFY23 $5.3MFY25 $0.00

Op. Cash Flow

-0.2% YoY

$-33.3MFY 2025

FY21 $-35.9MFY22 $-41.7MFY23 $-33.3MFY25 $-33.3M

Metric	FY 2025	FY 2023	FY 2022	FY 2021
Revenue	$0.00 -100.0%	$10.1M	$0.00	—
Net Income	$-39.0M +18.7%	$-47.9M -3.8%	$-46.2M -9.2%	$-42.3M
Operating Income	$-36.5M +29.8%	$-52.0M -10.0%	$-47.3M -12.4%	$-42.1M
EPS (Diluted)	$-50.83 -3999.2%	$-1.24 +36.7%	$-1.96 -8.3%	$-1.81
Total Assets	$53.0M -49.0%	$103.9M +21.4%	$85.6M -32.3%	$126.5M
Total Debt	$0.00 -100.0%	$5.3M -26.6%	$7.3M +48.9%	$4.9M
Operating Cash Flow	$-33.3M -0.2%	$-33.3M +20.2%	$-41.7M -16.2%	$-35.9M

AI Insight: SPRB Financial Trends

Spruce burned through equity from $59M to $5M by Q3 2025, then took on $21M debt in Q1 2026—a critical pivot toward insolvency risk.

• Revenue collapsed to $0M by Q1 2025 and remained flat through Q1 2026; no meaningful top-line recovery.

• Operating cash flow improved from -$21M (Q4 2024) to -$6M (Q4 2025), suggesting spending discipline amid runway depletion.

• Equity cratered from $59M (Q2 2024) to $5M (Q3 2025), then rebounded to $35M in Q1 2026 via $21M debt increase.

⚠ Q1 2026: debt jumped to $21M (from $0M) while equity sits at $35M—leverage rising sharply as cash runway shortens.

⚠ Net losses sustained at $8M–$24M per quarter over 9-quarter span with zero revenue; cash burn rate critical.

AI Insight: SPRB Ratio Trends

Spruce Biosciences deteriorated sharply in Q1 2026, with ROE plunging to –141.6% and ROIC collapsing to –85.5%, signaling deepening losses and operational distress.

• ROE collapsed from –62.7% in Q2 2025 to –141.6% in Q1 2026; ROIC worsened from –71.3% to –85.5% over same period.

• Leverage swung erratically: D/E fell to 0.00 in Q4 2025 then spiked to 0.62 by Q1 2026, signaling capital structure instability.

⚠ Negative profitability metrics across all quarters; ROA deteriorated to –87.4% in Q1 2026, worst on record in dataset.

⚠ Operating margins unavailable; lack of profitability disclosure alongside worsening returns suggests pre-revenue or severely unprofitable stage.

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Available Research

13F Pro tracks comprehensive data for SPRUCE BIOSCIENCES, INC. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of SPRB

Ikarian Capital, LLC
$7.9M121,356 sh
MILLENNIUM MANAGEMENT LLC
$7.3M111,888 sh
CITADEL ADVISORS LLC
$4.6M69,999 sh
ADAR1 Capital Management, LLC
$3.8M58,600 sh
Alyeska Investment Group, L.P.
$3.4M51,671 sh
WELLINGTON MANAGEMENT GROUP LLP
$3.2M48,796 sh
BOOTHBAY FUND MANAGEMENT, LLC
$2.7M42,080 sh
BALYASNY ASSET MANAGEMENT L.P.
$2.6M40,000 sh
Carlyle Group Inc.
$2.5M38,620 sh
Quinn Opportunity Partners LLC
$1.8M26,810 sh

Fund	Value	Shares
Ikarian Capital, LLC	$7.9M	121,356
MILLENNIUM MANAGEMENT LLC	$7.3M	111,888
CITADEL ADVISORS LLC	$4.6M	69,999
ADAR1 Capital Management, LLC	$3.8M	58,600
Alyeska Investment Group, L.P.	$3.4M	51,671
WELLINGTON MANAGEMENT GROUP LLP	$3.2M	48,796
BOOTHBAY FUND MANAGEMENT, LLC	$2.7M	42,080
BALYASNY ASSET MANAGEMENT L.P.	$2.6M	40,000
Carlyle Group Inc.	$2.5M	38,620
Quinn Opportunity Partners LLC	$1.8M	26,810

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Is SPRB a good stock to buy?

13F Pro's AI-powered analysis of SPRUCE BIOSCIENCES, INC. (SPRB) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Healthcare sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for SPRB are available on the SPRB stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own SPRB?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling SPRB. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of SPRUCE BIOSCIENCES, INC.'s investment landscape.